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IFC Mobile Money Study 2011 IFC ADVISORY SERVICES | ACCESS TO FINANCE IFC Mobile Money Study 2011 THAILAND In Partnership with the Republic of Korea IFC ADVISORY SERVICES | ACCESS TO FINANCE IFC Mobile Money Study 2011 THAILAND In Partnership with the Republic of Korea International Finance Corporation 2011. All rights reserved. 2121 Pennsylvania Avenue, N.W. Washington, DC 20433 Internet: www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as we may reasonably require. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the govern- ments they represent. The contents of this work are intended for general informational purposes only and are not intended to con- stitute legal, securities, or investment advice, an opinion regarding the appropriateness of any investment, or a solicitation of any type. IFC or its affiliates may have an investment in, provide other advice or services to, or otherwise have a financial interest in, certain of the companies and parties (including named herein. All other queries on rights and licenses, including subsidiary rights, should be addressed to IFC’s Corporate Relations Department, 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433. International Finance Corporation is an international organization established by Articles of Agreement among its member countries, and a member of the World Bank Group. All names, logos and trademarks are the property of IFC and you may not use any of such materials for any purpose without the express written consent of IFC. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. Contents Foreword .................................................... ix Appendixes Acknowledgments ..................................... xi A. Fact Sheet and Demand Estimates ..................39 Abbreviations ........................................... xiii B. Persons Interviewed ........................................43 References .................................................44 Summary ......................................................1 Box 1. Introduction .............................................4 3.1 Bank of Thailand “Payment Systems Study Focus ...........................................................4 Roadmap 2010”: Cash ...............................12 Socioeconomic Country Context ..........................4 Figures 2. Demand Perspective ................................6 2.1 Potential Monthly Transactions in Key Bill Payments ........................................................7 Mobile Money Market Segments in Person-to-Person Transfers .....................................7 Thailand ......................................................6 Government-to-Person Payments ..........................7 2.2 Means of Remittance Transfer Reported Informal Payroll ...................................................8 by Domestic Migratory Workers from Public Transport ...................................................8 Thailand and Sri Lanka ................................7 Business-to-Business Payments ..............................8 3.1 Thailand’s Mobile Money Market in the Other ....................................................................8 Porteous Regulatory Environment Model ..10 3.2 Number and Growth of ATMs ..................15 3. Parameters of the Mobile Money 3.3 Growth in Internet Banking ......................15 Ecosystem ...................................................10 3.4 Uses of Internet Banking, 2008 .................15 Enabling Regulation ............................................10 3.5 Self-Reported Rating of Ability to Use Existing Access to Financial Services ....................14 Various Financial Devices ..........................16 Existing Mobile Access and Market Situation .....16 4.1 Socioeconomic Characteristics of Mobile Money Users and Nonusers ......................20 4. User Survey Findings .............................19 4.2 Mobile Banking Service Provider ...............21 User Survey .........................................................19 4.3 Mobile Money Services Used .....................21 Agent Survey ......................................................24 4.4 Mobile Phone Brand Used .........................21 4.5 Cash Withdrawal Sources Used Most 5. Business Models .....................................30 Frequently .................................................22 TrueMoney .........................................................30 4.6 Typical Cash Withdrawal Amounts ...........22 Advanced MPay ..................................................32 4.7 Travel Time to Nearest Bank or ATM ........22 DTAC and K-Bank .............................................33 4.8 Typical Methods of Money Transfer ...........23 4.9 Preferred Source of Information on Mobile 6. Conclusion .............................................37 Banking Services ........................................23 vii viii IFC Mobile Money Study 2011: Thailand 4.10 Level of Confidence in Banking Sector ......23 Tables 4.11 Respondent Rankings of Benefits of S.1 Mobile Money Opportunities in Thailand ...3 Mobile Banking .........................................24 2.1 Potential Mobile Money Market Segments ..6 4.12 Respondent Level of Interest in Various 3.1 Parameters Affecting the Success of Mobile Mobile Money Services ..............................25 Money Services ..........................................11 4.13 Annual Sales of Respondent 3.2 ATM Interbank Fund Transfer Fees ...........13 Businesses (US$) ........................................26 3.3 Relative Importance of Cash in Selected 4.14 Percentage of Staff Time Serving Mobile Asian Economies, 2004 (%).......................14 Money Customers .....................................26 3.4 Summary of Thailand’s Banking 4.15 Agents’ Views on Why Clients Choose Infrastructure .............................................15 Mobile Money Services over Other 3.5 Growth in Credit, Debit, and ATM Cards .16 Options .....................................................26 3.6 Average Monthly Credit, Debit, and ATM Card Payments/Withdrawals in B (US$) ...16 4.16 Marketing Materials Provided to 3.7 Percentage Distribution of Mobile Phone Agents by Service Provider .........................27 Ownership by Household Socioeconomic 4.17 Training Agents Considered Most Useful ...27 Status and Location ...................................17 4.18 Revenue from Mobile Money as 4.1 Distribution of Surveyed Third-Party Percentage of Total Sales ............................27 Agents by Type of Business ........................25 4.19 Frequency of Compensation by Service 5.1 Business Models of Three Major Mobile Provider .....................................................28 Money Providers in Thailand .....................31 4.20 Required Minimum Deposit to Service 5.2 Growth in Mobile Banking ........................33 Provider Account .......................................28 5.3 Detailed Business Model Comparison .......35 4.21 Cash Float Requirements ...........................28 A.1 Fact Sheet ..................................................39 4.22 Frequency of Trips to the Bank ..................29 A.2 Demand Estimates .....................................41 Foreword inancial inclusion—access to a range of Mobile technology is a channel that, once in financial services and products for every- place, allows for the delivery of other low-cost one needing them, in a fair, transparent, financial services bringing banking to unbanked Fand cost-effective manner—is a goal of IFC and underserved people. Mobile money—the (International Finance Corporation) and a prior- transfer of funds using cell phones—is an innova- ity of the Group of 20 development agenda. tive method for both individuals and small busi- nesses to transfer money. Mobile money is becom- IFC has committed to achieving greater financial ing common in developed countries for small, inclusion by 2013 by providing more diversified frequent payments such as mass transit fees. In financial services and by deepening outreach to some developing countries, it offers an opportu- microclients and small and medium enterprises. nity for unbanked people to pay bills and transfer IFC also helped support and shape the G20 global funds without using cash. Some businesses use it financial inclusion agenda that calls for the pro- throughout their supply chain. motion of a range of financial services beyond credit—including payments, savings, remittances,
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